So I'm a third year. I enjoyed and honored my Psychiatry rotation, and I was interested in a career in Psychiatry. It's time for me to decide on a specialty, and while I'm leaning towards Psych, it's important to have an assessment of the drawbacks* before I choose the field.
One of the issues I have heard of is continued NP and Psychologist encroachment onto the work of Psychiatrists, specifically prescribing medications.
Would you say this will significantly affect the employment outlook for Psychiatry in terms of salaries and positions? Is it something I should consider when deciding my specialty?
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*Other drawbacks I am keeping in mind:
1) Relatively low pay
2) Difficult, uncooperative patient population
3) Mental health is a bit of a black box
4) Other physicians look down on you
5) The lay public thinks you do the Freud Couch thing
1) Relatively Low Pay
Definitely not. If you refer to the thread below,
40% are earning >300k (15% >400k). On par with big guns like Anesthesia/non-IR rads/non-retinal optho/non-interventional cards/general surgery (certain sub-specialties)
http://forums.studentdoctor.net/threads/so-can-we-talk-money.1162751/page-3
And for a more formal compensation study:
http://www.medscape.com/features/slideshow/compensation/2013/psychiatry
This is in 2013,
20% earned more than 300k. And remember,
70% of psychiatrists work less than 40 hours/week, 20% less than 50 hours a week. Scary stat. So if you give a psychiatrist cardiology/general surgery type hours, i'm sure they will be able to clear 350k easily, probably near 400k.
I have close friends in general surgery, and they earn around 300-400k (trauma, breast, endocrine). The big hitters in sub-specialty is colorectal/surg-onc/HPB. So Psych overall stacks up pretty welll even with general surgeons.
Here in the NYC area there are child psychiatrists charging $600/hr, cash only. You can do the quick math on that.
And remember, malpractice for psychiatry is low (10-20k tops). OBGYN in the NYC area pulls in 400-500k, but they also have malpractice of around 180-200k....
So its not just about how much you earn, its also about other stuff like overhead expenses (which in psych is low as well, around 20-25% vs.s specialties like ophtho which is near 40%)
2) Difficult, uncooperative patient population
Everyone has this. You think surgeons never have to deal with messy post-op complications for weeks, precipitating an angry patient population?
3) Mental health is a bit of a black box
Not sure what you mean by this.
4) Other physicians look down on you
Not true at all. On the CL service, I get a lot of compliments from the medicine hospitalists on our work. When I tell people I have an interest in neuropsychiatry, particularly stuff like neuroimaging other specialties are "impressed" by the potential and future of psychiatry.
I think our generation of physicians realize the importance of mental health, as it is becoming a more mainstream subject to talk about.
5) The lay public thinks you do the Freud Couch thing
Again, this is all changing. Image of psychiatry is continue to evolve. Just last week in the NY Times, huge article on Dr. Kane and the big trial for schizophrenia talk therapy.
http://www.nytimes.com/2015/10/20/health/talk-therapy-found-to-ease-schizophrenia.html?_r=0
"Lay public" is becoming more aware of mental health disorders and the importance of pharmacology mixed with psychotherapy.
So talking on the couch isn't a bad thing sometimes.